Seven Valleys Acquires Miami Development Site From RedSky Capital For $26M
SOLD
$26,000,000
Florida
See Similar DealsDevelopment Site43,560 SF
Sold 10/01/2020
SOLD
Seven Valleys Acquires Miami Development Site From RedSky Capital For $26M
257 Northwest 27th Street, Miami, FL, USA
See Similar DealsDevelopment Site43,560 SF
Sold 10/01/2020
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$596
Total Square Footage:43,560 SF
Transaction Type:Sale
Zhang Xin, Pan Shiyi, and Benjamin Bernstein have completed the sale of a development site in Miami. The property, located at 257 Northwest 27th Street, 252, 268 & 276 Northwest 27th Terrace, and 2700 Northwest 2nd Avenue, was sold for a price of $26,000,000. The site is a development opportunity with a buildable square footage (BSF) of 43,560, resulting in a price per buildable square footage (PPBSF) of $597.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $26,000,000
The buyer of the property is Seven Valleys, represented by Zhang Xin and Pan Shiyi. On the other hand, the seller is RedSky Capital, represented by Benjamin Bernstein and JZ Capital Partners.
Players
BUYER
SELLER
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,386,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$92,372.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$123,253.26
Annual Debt Service$1,479,039.17
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